From June, 27th, 2016 until July, 1st, 2020 Loans.com.au was offering a $30 Wish voucher to their customers to encourage them to write a positive or a negative review. It is possible that reviews below have been written by customers who received such a reward. These reviews adhere to ProductReview’s Incentivised Customer Reviews Guidelines and may explain a spike in review numbers.
I have been with loans . Com for 2yrs on a P&i mortage @ 2.74 so I phone and asked can I go on the 1.99% as advertised the answer no
If you want to get a better rate u need to pay for. A revaluation $220 and if that comes back that you now have more than 29% equality
In you home we can offer 2.14% only what a rip off
Yet if I go on u bank or. Tic toc home loans they both have free valuation tool on the web both came back with more than 20% equate in my home just feel let down
Only way out the said is to leave and pay $550 exit costs
- Home Loans
- Verified customer
Need to pass rate cuts being an online lender
I refinanced to LCA few years back, as LCA, being a few online lender at that time, was offering competitive rates. Whilst I felt that they have a reasonably good Customer Service and online user experience (smooth settlement process and quick turnaround time for responding to queries etc.), however when it comes to passing the rate cuts to their customers over the last couple of years, they are not as quick as the other new online/Fintech lenders. Sometimes they pass only a certain percentage of the rate cut and sometimes they don't pass the rate cut at all.
Hoops and Hassle
Was successful in application, however, process was cumbersome and time confusing. Staff are friendly and helpful, so can't fault them but too many cooks spoils the brew. Definitely worth applying with them but there is plenty of room for improvement on their behalf.
Good to start, don't look after existing customers
Since joining Loans.com.au the interest rate for new customers has dropped much lower than existing customers. They are not interested in dropping for existing customers either. Looking to refinance elsewhere.
Pretty good, but some improvements required.
Generally good communication and good online process. However our loan representative changed part way through, and in doing so, missed a critical detail (obtaining the loan split preference). When I volunteered this information I was told it was too late to enact without paying a re-processing fee (even though it was still prior to settlement). This was subsequently enacted at no cost, but not for a lack of advocacy on my part. Also, the settlement process was not coordinated well; I had to initiate the clarification of the settlement process only days before the due date because it hadn't been organised. This resulted in an unorthodox workaround to meet the due date.
Great products, substandard service
Great products but customer service was sub standard. We had to call and ask every step of the way during the home loan process instead of them being proactive and informing us. The end product was worth it.
Unethical sneaky rate rises
I too have been deceived by the initial low rates, just to be lured into paying more down the track. Too much smoke and mirrors with this institution and only interested in new customers and neglecting to look after existing ones like myself, who have never missed a payment since i signed up over 2 years ago. As soon as I started to pay extra payments it must have rang alarm bells and they decided that oh he must be able to afford to pay a higher rate. There has been no official rate rises but I've gone from 3.71 to 3.93 with little notice. Jus...t like many others I called them a few times but they are not interested in keeping the old customers, so guess what I'm out of here loans.com.au. as soon as i find another option. Very disappointing and feel hard done by. If it sounds too good to be true it normally is. All these reviews can't be wrong, so listen to your customers and at least respond.
OK, but room for improvement.
The consultants are friendly, knowledgeable and helpful. The OnTrack application system however has many issues, and overall the time from application through to settlement took way too long.
- Verified customer
Low Rates, Good processing time
I have refinanced my home loan from loans.com.au as it has offered low rates with no monthly and yearly ongoing fee also processing time from application to settlement was satisfactory.
Low Rates. Fast processing. But no 24x7 Customer Support
I just re-financed my home loan from www.loans.com.au and shifted it from one of BIG4 banks.
Points to be noted :
1.Low rate of Interest although no off-set account option in their Essential home loan package. It would be great if the add this feature in their Essential home loan package. As some of their competitiors are offerring so.
2. Processing time was fast and satisfactory
3. They gives some waiver in settlment fee by telling them referral and client who refers will get incentive too for referring new cli...
- Verified customer
Potential to be #1
I really liked the onTrack facility. Easy to access, communicate and submit documentation. The SMS notifications on activity/status updates were also helpful. Instructions on the process were also informative and easy to follow; however, not exactly what I experienced. Maybe my situation was unique, but the comments on the process in onTrack over refinancing were inaccurate. It stated that I would not have to contact my existing lender to arrange for settlement which I did. Overall experience was good, but I did have issues with various staff n...ot knowing what documentation was required, or still outstanding and receiving wrong instruction which required me to unnecessarily have to follow up and confirm if needed. I also received wrong advice regarding the process of using PEXA and in trying to arrange a specific date of settlement outside the normal timeframe. Overall, the customer service I received was attentive, courteous and timely. If it weren't for the couple of issues I had over important parts of the process to me, I would have gave a much higher rating. Good job Loans.com.au!
Great Interest Rates But Very Frustrating and Tedious Process to go Through
Interest rates and loan product are great. My loans were simple refinanced loans, however there were a number of errors from their end which caused unnecessary delays. Some of the documentation required seemed duplicitous. I nearly walked on a couple of occasions out of frustration, however was convinced by a manager to stay after a number of fees were waived.
Very easy to use online system to apply
My loan has settled but no without glitches. communication is not great due to delays and only some of the funds have been received and I can no longer log into the system. I have no idea how to pay or when.
Great interest rates but very slow and poor communication
We refinanced our existing home which took 6 weeks to go through and still hasn't settled. We had pre approval for an investment property and I find that messages sent through their ""On Track"messaging system go un-answered or half answered. Online chats are also difficult, it is obvious the people you are chatting with are also chatting with other people as questions are only half answered. There is no haste. We are in a fast moving property environment and I expect this current transaction of ours to fall through because of time constraints which will have cost us thousands, thanks to loans.com dragging their feet. Do not recommend.
I thought this was just the best and the loans officer was knowledgeable and polite. However I was given the impression along the way that all was good with loan and paid for home loan valuation everything was ticked all documents sent. Some one was supposed to ring me to organise valuation and they did not. So I rang myself to be told now my application was not accepted. Very disappointed. I had to ring myself to find this out.
Low rates, but maybe just for now
Being attracted by it's low rates, I refinanced my investment loan to loans.com.au. They subsequently increased my interest rate not long after settlement, a few times! Those rate rises were not in response to a rate rise by RBA. They just increased my rate due to their increasing cost according to their letter. The rate was still not bad compared to the rates offered by many big banks publicly(although you probably can negotiate a better deal than advertised). However it's still 0.5% higher (or 3.5 thousand dollars more interest per year for a...700k loan) than what loans.com.au offers to the market. I rang them couple of times requesting a match to what they offer to the market but their answer is that it doesn't work that way, they did reduce it a bit in the effort to keep me as a customer but still couldn't match their current market offering. Now I want to stay factual about my review but I am convinced that it's sort of a 'bait and switch' strategy. Yes, that's just my opinion, but be warned, your rates might go up after settlement. I now stick to lenders who can match the rates of existing loans to whatever rates they are offering to the market. It's only fair in my opinion. I know a lot of companies reward loyal customers by charging them the most. Ironic but typical in today's profit driven world. Anyway, hope my review can be of some help and good luck with your home loan and investment loan hunting.
Starting the Process
hi there i am just starting my process with loans.com.au. the poor reviews are very concerning however i have heard good things from a mate about them. i will keep this thread posted with my dealings and hopefully it is a smooth process with no hidden fees (even though they say there are none?) or unjustified/unexplainable spikes in interest. this is all new to me and i am excited but also overwhelmed, lets hope i can have a great experience as i have alot of friends at the buying stage, would love to be able to recommend a great lender
Great at first, less so over the years
Refinanced two loans to them from ANZ. Salesperson and mortgage manager were both friendly and efficient which l quite appreciated (and pleasantly surprised given the reviews on here). Took about 1 to 1.5 month overall but it was a refinance so l wasn't as speedy with the documentation as l probably could had been.
My only caveat or warning for those thinking of using them is that their Loan Tracker website for managing your applications is terrible! It doesn't allow you to view what documents you have uploaded. l still don't know whether u...ploading new documents replaces the old ones and was re-uploading everything again in one bundle, which is a hassle. The worst part is the system won't email me a notification anytime I get a message from my mortgage broker or if there's an issue that's waiting for me to action. l ended up having to check the site daily "just in case." A friend of mine is currently refinancing with them too and he's not getting emailed either which suggest it is a bug with their site. If not for the staff l probably would had pulled the pin on the refinance but they were quick to reply to my queries and action any concerns, which helps to reassure me this isn't a mistake. All in all though the process went smoothly and I'm happy with the separate site they provide to manage my loans. Would recommend to friends but with the warning above. -- UPDATE 05/07/19: Having been with them for several years now, some issues have emerged. The most annoying is that my rates keep deviating from what's offered to new customers so now I'm getting 3.99% while they are offering customers 3.28%. This is after they already 'reviewed' my rates after I complained (was on 4.19% initially). They also aren't keen on making loan documentation easily available for me to check terms and conditions like discharge fees, trying to discourage me from refinancing away. Overall they're still a competitive low cost loan provider with good online services but unfortunately they do the same dodgy practices that plagues the whole industry.
Good end product - but be prepared to wait
Loans.com.au are very good at pulling in new customers, however once you are immersed in the application and approval process be prepared for lots of backwards and forwards, to have your patience tested, and allow a good 5-6 weeks to reach settlement, and that's if everything goes well. I think part of the issue is that their internal lines of communication need some work, but it shouldn't be anything that they can't resolve over time. Being an internet lender, the identification requirements are quite stringent as you would expect, and it is i...mportant to make sure that your paperwork is 100% correct before you submit it, otherwise this will lead to big delays. If you are refinancing your mortgage with them, then a few extra weeks is probably no big deal. If you are relying on a settlement deadline with them however, I probably wouldn't recommend them at this stage until their internal processes improve.
Questions & Answers
Hi, I currently have a home loan with a credit union in Sth Australia. I have approx $190,000 still owing (with $70,000 in a re-draw account). Without the re-draw, the amount owing would be $260,000. My current interest rate is 2.99%. I saw your advertised rate of 1.99% and wondered if I could re-finance my Home Loan with your company instead? There are no exit fees with my current loan. What would the set up fees be to do this please? Thanks, Anna
Go on web site no set up fees UBank is offering a better rate of fixed 1.75%
When will we find out about rate cuts? I must add I’ll be very disappointed if it isn’t passed on and passed on in full.
Has anybody gotten a fixed interest rate car loan with loans.com.au and their interest rate got suddenly changed during the fixed term loan period ? Are there any hidden fees or suprises on the way because I am on the stage of signing with them but the loan contract seems vague and subject to "changes". Anybody has an experience they want to share?
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